广期所出手稳多晶硅期货！机构指出短期波动收敛，中长期看供需！光伏ETF华夏（515370）跌1.32%

Core Viewpoint - The A-share market experienced a pullback on December 2, with the photovoltaic ETF Huaxia (515370) declining by 1.32%, reflecting a broader trend of most constituent stocks retreating, particularly in the photovoltaic sector [1] Group 1: Market Performance - The A-share market's three major indices showed volatility and a downward trend, with significant declines in stocks such as 聚合材料 and 通威股份, which fell over 4% [1] - Major companies like 大全能源, TCL中环, and 隆基绿能 also experienced declines, indicating a general downturn in the photovoltaic sector [1] Group 2: Policy Adjustments - On December 1, the Guangxi Futures Exchange announced adjustments to the trading margin standards and limits for the polysilicon futures PS2601 contract, effective from December 3, 2025 [1] - The speculative trading margin for the PS2601 contract will be raised to 13%, while the hedging margin will be set at 12%, with a daily opening position limit of 500 contracts for non-futures company members or clients [1] Group 3: Market Outlook - According to Jianxin Futures, the adjustments aim to curb excessive speculation and reduce volatility risks in the market [1] - Short-term effects include constraints on speculative funds, leading to a cooling of trading activity in near-month contracts and a potential decrease in open interest [1] - In the medium to long term, the fundamental supply and demand dynamics of the industry remain unchanged, with polysilicon prices still dependent on terminal demand, production cuts by companies, and inventory reduction pace [1]